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NCLAT Pulls up MCA, IL&FS Board for Delay in Resolution

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NCLAT Pulls up MCA, IL&FS Board for Delay in Resolution 6 ECONOMY & PUBLIC AFFAIRS MUMBAI | FRIDAY, 9 AUGUST 2019 1 > RBI TASK FORCE ON OFFSHORE RUPEE MARKETS SUBMITS REPORT NCLAT pulls up MCA, IL&FS Panel for easier foreign board for delay in resolution Appellate tribunal asks them to file progress report latest by September 3 AASHISH ARYAN day basis to ensure that the total New Delhi, 8 August process with regard to all the play in currency market amber entities". The National Company Law "They will keep it in mind ANUP ROY USHA THORAT PANEL Appellate Tribunal (NCLAT) on that already 300 days approx Mumbai, 8 August Thursday pulled up the have completed since the inter- SUGGESTIONS Ministry of Corporate Affairs im order was passed on 15th Reserve Bank of India (RBI)- Extend onshore market (MCA) and the newly appointed October, 2018," the NCLAT appointed task force on offshore hours to improve access board of Infrastructure Leasing said, adding that a fresh rupee markets has recommended & Financial Services (IL&FS) for progress report should be filed A of overseas users that Indian banks be allowed to “freely inordinate delay in presenting by September 3. offer prices to non-residents” and extend Allow Indian banks to the final resolution plan for the On February 11, the central local market timings to match that of freely offer prices to debt-laden firm. government and the new board the offshore derivatives markets to take global clients around "In spite of our order dated of IL&FS had submitted an affi- the sting out of the speculative positions 12th July, 2019, no progress davit detailing three categories the clock taken there. report has been filed by Union By the next date of hearing on September 5, the MCA and the — green, amber, and red. The Non-residents can also be allowed wide Enable rupee of India/IL&FS. They are new IL&FS board will have to present a plan for the 82 firms of the group had been access to the FX-Retail trading platform as derivatives in IFSC allowed to file the progress companies currently placed in the red category classified under these categories a “major incentive to use the onshore mar- report by tomorrow. We make based on their ability to service ket,” the task force, headed by Usha Thorat, Allow $100-mn exposure it clear that before the next date Projects Implementation ating any third party rights in routine debt obligations. former RBI deputy governor, said. in OTC without any of hearing, the Union of India Company, and West Gujarat any of the red group compa- The companies which had The committee submitted its report to underlying exposure must pass final order and settle Expressway. nies, the NCLAT said. The res- enough cash to service the debt the RBI governor on Thursday. Centralise KYC across all the claim of all the creditors By the next date of hearing olution of all IL&FS group of secured and unsecured cred- To dampen the dominance of the off- with regard to three amber or on September 5, the MCA and companies is being overseen itors were placed in the green shore non-deliverable forward (NDF) mar- markets with uniform green entities," a two-judge the new IL&FS board will also by former Supreme Court category, while those with cash ket, which currently has more volume documentation Bench headed by Chairperson have to present a plan for the judge Justice D K Jain. to pay only secured creditors than onshore markets, the task force sug- Justice S J Mukhopadhaya said. 82 companies currently The NCLAT has also allowed were placed under amber. gested that the International Financial The three amber companies, placed in the red category, the the MCA, as well as IL&FS, to Those IL&FS companies which Services Centre (IFSC) should be allowed ing in rupee derivatives, the settlement will mitted to deal in the offshore rupee deriva- which had to be converted to NCLAT said. The ministry or call a meeting of the financial were not in a position to service to offer non-deliverable rupee derivatives have to be done in foreign currency. tive market at present, as “participation of green and allowed to service the board should, however, creditors and lenders to the the debt of both secured or in a phased manner. The task force strongly discouraged local the Indian banks in the offshore market debts, are Moradabad Bareilly take permission from Justice debt-laden firm, and if needed unsecured creditors were “To start with, trading may be permitted banks from going to the offshore markets, might, over time, take away this advantage”. Expressway, Jharkhand Road D K Jain before selling or cre- "take up the matter on day to placed in the red category. only on exchanges due to the inherent and said it was prudent not to go for full con- The task force suggested that while transparency and risk management bene- vertibility of the rupee. underlying exposure would be required fits offered by it. Introducing OTC (over the Similarly, even as there have been some for trading in the onshore market, users counter) contracts may be issuance of rupee-denomi- may be allowed to undertake positions considered at a later stage after In the offshore NDF nated bonds, internationali- up to $100 million in OTC, as well as RBI’s ban on crypto the experience gained from market, no physical sation of rupee was “still a dis- exchange-traded currency derivative SAIL chairman attacked trading on exchanges,” the delivery of rupee tant goalpost given the market, without having to establish the deals only on moral task force recommended. takes place, but its persistent current account underlying exposure. Even as the IFSC is locat- volume far deficit and the For non-residents, a central clearing with iron rods; two held grounds: IAMAI to SC ed in India, for all practical outstrips those in negative net international and settlement mechanism for non-resi- SHINE JACOB the other car caught the driver by his purposes, it is an offshore the domestic debt position”. dents can be developed for deals in the New Delhi, 8 August neck while the other three severely AASHISH ARYAN market such as those in interbank market “The task force believes that onshore market. attacked Chaudhary with iron rods on New Delhi, 8 August Singapore, Hong Kong, India’s approach to the trade- “The issue of taxation in respect of for- Steel Authority of India Limited (SAIL) his head, neck, knees and legs. The London, Dubai and New off between deregulation of eign exchange derivative contracts may be Chairman Anil Kumar Chaudhary was assailants were also armed with knives. The Internet and Mobile Association of India York. But bringing volume to Indian currency markets and tolerance of offshore examined with the objective of overcoming attacked by four unknown persons on The driver was left unharmed," the (IAMAI) on Thursday told the Supreme Court shores would mean better information market must be shaped by the specific con- gaps between the tax regime in India and Wednesday night near statement said. (SC) that the Reserve Bank of India (RBI) had dissemination. siderations of the Indian economy rather other major international financial centres HUDCO Place in New It added that the police banned cryptocurrency on ‘moral grounds’ as In the offshore NDF market, no physical than following any global template blindly,” to the extent possible,” the task force said. Delhi. Chaudhary was motorcycle patrol arrived there were no studies the banking regulator delivery of rupee takes place, but its vol- said the report. The KYC registration should be cen- returning home from soon and managed to conducted to analyse if these virtual curren- ume far outstrips those in the domestic The task force said the onshore mar- tralised across the financial markets with a office in his official car nab two persons. cies were actually harmful or not. interbank market. ket hours for the currency markets “be uniform documentation requirement. when he was attacked. Chaudhary was taken In its challenge to the RBI’s circular barring “The sharp growth in the offshore trad- suitably extended to match the flexibili- “This will ensure that non-residents “Chaudhary was brutal- to AIIMS Trauma Centre banks from dealing in virtual currency, the ing volumes in the rupee NDF market in ty provided by the offshore market and undertake the KYC process only once and ly attacked at around 10.30 and later discharged. IAMAI said while the underlying technology recent years likely even beyond the vol- thereby incentivise non-residents to not with each financial intermediary that pm when his car was inten- Anil Kumar A complaint to this called blockchain was not in question, a total umes in the onshore markets have raised hedge in the onshore market”. they deal with in the onshore market. Also, tionally hit by another car Chaudhary was effect has been registered prohibition on cryptocurrency was uncalled concerns around the forces that are deter- Even as the volume in the offshore mar- such a mechanism offers cost and effi- occupied by four people,” taken to AIIMS at Hauz Khas Police for. The apex court, after hearing the sub- mining the value of the rupee and the abil- kets taken together all locations could be ciency benefits for the financial interme- the company said in a state- Trauma Centre and Station. Police are missions made by the IAMAI, asked it to pre- ity of authorities to ensure currency stabil- more, the onshore rupee derivatives market diaries,” the task force said. ment on Thursday. later discharged investigating the attack pare a chart and cite instances or judgments ity,” the task force observed.
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